Wow, yet another firmware update has been released for the PSP. It seems that Sony is getting sloppy in testing their updates since firmware 3.02 is a simple security update for the system software (put simply, a patch for a bug they found in the system). Since it is only a patch, nothing new has been added to this firmware update. You can download the update the Network Update feature on the PSP or via the regional PSP websites. It is not necessary to update just yet since games requiring firmware 3.02 will not be available for quiet a while.
For those interested, firmware 3.02 is Devhook compatible so it can be emulated on lower firmware versions, however, not all functionality will be supported. Another point is that homebrew support is not available on this firmware version which means you cannot run unsigned code.